Next week, representatives of the oil and gas industries from the Americas, Asia, Africa, and Oceania will meet in Riyadh to discuss emission trading regulations in advance of the COP28 summit.
The Global South’s Carbon Markets Conference will take place on October 26 as part of the Futures Investment Initiative and be hosted by the Kingdom’s Regional Volunteer Carbon Market Co. in collaboration with S&P Global Markets Commodity Insights.
The speakers at the meeting will go over the benefits of carbon trading for combating climate change, the independent ownership of credits in the developing world, and the contribution of Islamic financing to the rapid growth of the green market.
“Carbon market is a key tool for assisting the world tackle the catastrophic consequences of climate change,” said Rania Nashar, head of RVCMC.
RCVMC was established in October 2022 as a partnership between the Public Investment Fund of Saudi Arabia, which owns an 80% share, and Tadawul Group, who holds the remaining 20%. The business wants to lead the industry globally by enabling emissions to be offset through carbon credits.
“We need a coordinated approach to take this rapidly expanding carbon credit market and help it become an even more important component in supporting the worldwide effort toward a carbon-neutral future,” Nashar continued.
According to Riham ElGizy, the chief executive officer of RCVMC, carbon trading is essential for the globe to reduce the hazards brought on by climate change.
“Carbon trading could serve as an extremely effective means to scale and financing the export of voluntarily carbon credits coming from the Global South, thereby reducing the effects of warming temperatures globally as it provides those in the Global South with monetary assistance to support its economic growth and address the repercussions of climate change,” she stated.
ElGizy stated to Arab News attending the Middle East & North Africa Climate Conference earlier this month that RCVMC intends to introduce a platform for trading carbon credits in the second decade of 2024.
“By 2024, I want to start the exchange, which will be a spot market to aid in price discovery. We’ll also have a marketplace where providers can offer their own goods in that over-the-counter transaction. ElGizy stated, “Therefore, three offerings.